Charity registration number: 211018
Portreath Improvements Committee
Annual Report and Financial Statements for the Year Ended 31 October 2021
Celtic Bookkeeping and Accountancy Services Ltd Garryglass Penberthy Road Portreath TR16 4LN
Portreath Improvements Committee
Contents
Reference and Administrative Details 1 Trustees' Report 2 to 3 Statement of Trustees' Responsibilities 4 Independent Examiner's Report 5 Statement of Financial Activities 6 Balance Sheet 7 Notes to the Financial Statements 8 to 15
Portreath Improvements Committee
Reference and Administrative Details
Trustees
Cath Dennis Mel Southerden Alison Harris Chris Matijasevic Ian Stewart Colin Higgs Mary Rowland Pat Kessell Steve Davies Zoe Ford Peter Whitehead Colin Male Geoff Hodge Caroline Thomas Joeseph Kneebone Nathan Heyes Hugh Malyan Stuart Malyan Lee Hodge Wendy Wren Mike Warren
Principal Office 3 Bassett Terrace Penberthy Road Portreath TR16 4LT
Charity Registration Number 211018
Bankers Unity Trust Bank Nine Brindley place Birmingham B1 2HB Independent Examiner Leanda Daddow MICB Celtic Bookkeeping and Accountancy Services Ltd Garryglass Penberthy Road Portreath TR16 4LN
Portreath Improvements Committee
Trustees' Report
Portreath Improvements Committee
Trustees' Report
The Trustees present their report along with the financial statements of the charity for the year ended 31 October 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity's constitution and applicable law.
Reference and Administrative information, set out on Page 1, forms part of this report.
GOVERNANCE
Portreath Improvements Committee is a registered charity number 211018. It was founded on 1 August 1962 and is managed in accordance with the Trust Deed of that date.
The committee trustees during the period and at the date of this report (unless otherwise indicated) were: -
Cath Dennis – President
Mel Southerden – Chair
Geoffrey Owen Hodge - Vice Chair
Caroline Thomas – Treasurer
Zoe Ford - Secretary
Joseph Kneebone
Pat Kessell
Colin Higgs Colin Male Mike Warren
Christopher Matijasevic
Steve Davies
Alison Harris Hugh Malyan Stuart Malyan Nathan Heyes Wendy Wren Ian Stewart Mary Rowland
Peter Whitehead
Lee Hodge
The Committee is entitled to appoint charity trustees if required, in accordance with the Trust Deed.
There are 24 places on the Portreath Improvements Committee and our Annual General Meeting is held on the last Monday of January.
Residents of the village can, if there are places apply to be on the committee, in writing two weeks before the AGM by applying to the secretary and must be purposed and seconded by two village residents. If there are more applications than vacancies a vote will be held.
Portreath Improvements Committee
Trustees' Report
OBJECTIVES AND ACTIVITIES
The objective of the charity is that its property shall be held and managed for the benefit of the inhabitants of the village of Portreath in the County of Cornwall. This objective is achieved by using the income generated to provide and maintain a village hall and playing fields, to protect and maintain the sea front, to provide and maintain public seats and shelters and to preserve and enhance the beauty of the village. Furthermore, in furtherance of the above, to give financial assistance to any other charitable bodies or organizations.
PUBLIC BENEFIT STATEMENT
In planning our activities for the year the trustees have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. The charity continually expends its income on maintaining its assets which are used for the benefit of all the inhabitants of Portreath and visitors to the area.
ACHIEVEMENTS AND PERFORMANCE
Income is generated by the charity principally from monies received from Portreath Association Ltd in respect of the Car Park supplemented by income from letting the Institute and Millennium Halls, however the income from rent has continued to be reduced this year due to the impact of Covid. The money raised, taken by PAL goes towards the upkeep of the PIC assets. This year the PIC donated funds to Portreath Pre-School for a new lean to shelter, undertook a major re-vamp of the Millenium Hall and donated towards trees & benches within the village.. The village has benefited with a circus workshop, supplemented Christmas trees, Trembling Tram and carols around the Christmas tree all bringing the village together. The income received from the car park for the year was £50,000 and rental income of £4,855 resulting in a total income of £54,855. (2020: £50,000). A total of £110,465 (2020: £74,039) was expended on upkeep and activities within the village of Portreath.
FINANCIAL REVIEW
A deficit of £55,610 (2020: d e fi c i t £29,068) has arisen on unrestricted funds this year. This is due to ongoing maintenance and upkeep of the village with major maintenance work on the Millennium Hall and organized activities which have brought the village together all whilst having reduced income from the rental of buildings due to the impact of Covid. It is the intention of the charity to maintain unrestricted funds, which are the free reserves of the charity, at an amount not less than the equivalent of 3 months expenditure, as recommended by the Charity Commission.
However, in addition, sufficient funds need to be retained to ensure the charity is able to finance necessary improvements and major repairs that may be required in respect of the car park, sea front, buildings and the village generally. The Trustees consider that the funds currently retained are sufficient for this purpose.
The attached annual accounts comply with current statutory requirements, the charity's governing document and the Statement of Recommended Practice (Charities SORP (FRS 102)).
The annual report was approved by the trustees of the charity on 05/01/2022 and signed on its behalf by:
......................................... Caroline Thomas Trustee
Portreath Improvements Committee
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 05[th] January 2022 and signed on its behalf by:
......................................... Caroline Thomas Trustee
Portreath Improvements Committee
Independent Examiner's Report to the trustees of Portreath Improvements Committee
I report on the accounts of the charity for the year ended 31 October 2021 which are set out on pages 6 to 15.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether any particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011; and
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to prepare accounts which according with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...................................... Leanda Daddow Celtic Bookkeeping and Accountancy Services Ltd Garryglass Penberthy Road Porteath TR16 4LN
Portreath Improvements Committee
Statement of Financial Activities for the Year Ended 31 October 2021
| Note Income and Endowments from: Donations and legacies 2 Charitable Activities 3 Other Trading Income 4 Investment Income 5 Total Income Expenditure on: Charitable Activities Fixed Assets 6 11 Total Expenditure Net Movement in Funds Reconciliation of Funds Total funds brought forward Total funds carried forward 14 |
Unrestricted Funds £ Restricted Funds £ Total 2021 £ Total 2020 £ - - - - 54,855 54,855 56,131 - - - - - - |
|---|---|
| 54,855 - 54,855 56,131 |
|
| (130,365) - - - (130,365) - (74,039) (11,160) |
|
| (130,365) - (130,365) (85,199) |
|
| (75,510) - (75,510) (29,068) 514,797 - 514,797 529,233 |
|
| 439,287 - 414,519 514,797 |
All the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 14.
Portreath Improvements Committee
(Registration number: 211018) Balance Sheet as at 31 October 2021
| Note | Total 2021 | Total 2020 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Tangible Assets | 11 | 309,927 | 334,093 |
| Shelter installation at allotment space | - | 2,832 | |
| - | |||
| Final work at MAGU | - | 8,328 | |
| Total Fixed Assets | 309,927 | 345,253 | |
| Current Assets | 12 | ||
| Debtors | 7,226 | - | |
| Accrued Income | - | - | |
| Cash in bank and in hand | 123,397 | 189,712 | |
| Total Current Assets | 130,623 | 189,712 | |
| Creditors: Amounts falling due within | 13 | 1,263 | (20,168) |
| one year | |||
| Net Current Assets | 129,360 | 183,980 | |
| Net Assets | 439,287 | 514,797 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted Funds | 439,287 | 514,797 | |
| Total Funds | 14 | 439,287 | 514,797 |
Note
The financial statements on pages 6 to 15 were approved by the trustees, and authorized for issue on 5[th] January 2022 and signed on their behalf by:
......................................... Caroline Thomas Trustee
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. The departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
Portreath Improvements Committee meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognized when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognized on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Investment income is recognized on a receivable basis.
Expenditure
All expenditure is recognized once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with depreciation charges allocated on the portion of the asset’s use.
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortization
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Fixtures and fittings 20% & 50% reducing balance
Land and Buildings Not depreciated due to having a residual value more than the carrying value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity. Restricted funds are grants and funds allocated to specified expenditure.
Financial instruments
Classification
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrument
Recognition and measurement
Basic financial assets and liabilities are initially measured at transaction price (including transaction costs) and subsequently measured at their settlement value.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognized amounts and the Charity intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Financial assets are derecognized when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognized only when the obligation specified in the contract is discharged, cancelled or expires.
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
2 Income from donations and legacies
| Donations and legacies Grant from Postcode Lottery Grant from Any 2021 projects |
Unrestricted Funds General Restricted Funds Total 2021 Total 2020 £ £ £ £ - - - - - - - - - - - - |
|---|---|
| - - - - |
3 Income from charitable activities
| Hire of Halls Monies received from: Portreath Association Limited 4 Income from other trading Other income from other trading activities |
Unrestricted Funds General Restricted Funds Total 2021 Total 2020 £ £ £ £ 4,855 - 4,855 6,064 50,000 - 50,000 50,000 |
|---|---|
| 54,855 - 54,855 56,064 |
|
| activities Unrestricted Funds General Restricted Funds Total 2021 Total 2020 £ £ £ £ - - - 67 |
|
| - - - 67 |
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
5 Investment income
No investment income 2020 or 2021.
6 Expenditure on charitable activities
| Car Park Jubilee Hall Millennium Hall Village Upkeep Governance MAGU |
Activity Undertaken directly £ Activity Support Costs £ Total 2021 £ Total 2020 £ 409 - 409 - 4,404 - 4,404 5,529 56,597 2,434 59,031 20,438 29,638 895 30,533 26,081 18,031 - 18,031 21,132 9,540 8417 17,957 73,965 |
|---|---|
| 118,619 11,746 130,365 147,592 |
£130,365 (2020 - £147,592) of the above expenditure was attributable to unrestricted funds. All restricted funds were spent on additions to assets.
| Direct Costs Establishment costs Repairs and Maintenance Printing, postage and stationery Subscriptions and donations Sundry and other costs Legal and professional costs Support Costs Depreciation of tangible assets Accountancy fees |
Car Park Jubilee Hall £ £ - 2,408 336 96 - - - 1,900 - - - - |
Millennium Hall £ 2,374 52,110 - - - 4,055 |
Village Upkeep £ 4,194 17,964 - 3,096 - 4,045 |
MAGU £ - - - - - - |
Governance Total £ £ 171 9,147 50 70,556 - - 1,633 6,629 645 645 14,188 22,288 |
|---|---|---|---|---|---|
| 336 4,404 |
58,539 | 29,299 | - | 16,687 109,265 |
|
| 73 - - - |
492 - |
1,234 - |
18,031 - |
70 19,900 1,200 1,200 |
|
| 409 4,404 |
59,031 | 30,533 | 18,031 | 17,957 130,365 |
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2020
7 Analysis of governance and support costs
Basis of allocation
Reference Method of allocation
Depreciation of tangible fixed assets Usage Accountancy fees All costs go to Governance
Governance costs
| Governance costs | |
|---|---|
| Independent Examiner Fees Examination of the financial statements Other fees paid to Examiners Legal & Professional Fees Other Governance Costs |
Unrestricted funds General £ Total 2021 £ Total 2020 £ 360 360 360 840 840 840 14,188 14,188 - 2,659 2,659 19,932 |
| 11,655 11,655 21,132 |
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
8 Net incoming/outgoing resources
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Net incoming resources for the year include: | ||
| Depreciation of Fixed Assets | 19,900 | 22,362 |
9 Trustees remuneration and expenses
During the year the charity made expense repayments to the following trustees, for events and materials.
C Male – £60.57
Z Ford –£143.88 I Stewart - £127.08 J Urban - £172.80
M Southerdon - £338.96
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
10 Independent examiner's remuneration
| Examination of Financial Statements Other fees to examiners All other services |
2021 £ 2020 £ 360 360 840 840 |
|---|---|
| 1,200 1,200 |
11 Tangible fixed assets
| Cost At 1 November 2020 Additions At 31 October 2021 Depreciation At 1 November 2020 Charge for the year At 31 October 2021 Net book value At 31 October 2021 At 31 October 2020 |
Land and buildings £ 214,830 - 214,830 - - - 214,830 214,830 |
Furniture and equipment £ 95,097 - |
Total 309,897 - |
|---|---|---|---|
| 95,097 | 309,897 | ||
| 24,196 19,900 |
24,196 19,900 |
||
| 44,096 | 44,096 | ||
| 51,001 | 265,831 | ||
| 95,097 | 309,987 |
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
12 Debtors
| Prepayments Accrued income Other debtors |
2021 £ 6128 - 6,128 |
2020 £ 1,935 - - |
|---|---|---|
| 1,935 |
----- Start of picture text -----
13 Creditors: amounts falling due within one year
2021 2020
£ £
Accruals 1,263 1,354
14 Funds
Unrestricted Funds Balance at 1 Incoming Resources Balance at 31
November 2020 resources Expended October 2021
£
(514,797) (54,855) 129,825 (439,287)
General
Restricted Funds - - - -
Unrestricted Funds Balance at 1 Incoming Resources Balance at 31
November 2019 resources Expended October 2020
£
General (529,233)
(128,656) 143,092 (514,797)
----- End of picture text -----
15 Analysis of net assets between funds
| Unrestricted Funds General £ |
Total Funds £ |
|
|---|---|---|
| Tangible Fixed Assets | 309,927 | |
| Current Assets | 130,623 | |
| Current Liabilities | (1,263) | |
| Total net assets | 439,287 |
Portreath Improvements Committee
Notes to the Financial Statements for the Year Ended 31 October 2021
16 Related party transactions
During the year the charity made the following related party transactions:
Portreath Association Limited
(The Board of Directors of Portreath Association Limited comprises of five directors, three of whom are appointed by the charity).
Portreath Association Limited rents the car park from Portreath Improvements Committee. The charity received income of £50,000 (2020 - £55,000) in respect of its car park from Portreath Association Limited. At the balance sheet date the amount due from Portreath Association Limited was £NIL (2020 - NIL).